$55m property in Downtown Dubai’s Baccarat Residences sets city real estate record
ADowntown Dubai apartment has sold for a record AED14,000 per square foot, says Luxhabitat Sotheby’s International Realty.
The property firm officially launched the Exclusive Baccarat Residences just a month ago in Downtown Dubai and has already sold a residence for the record-breaking price-to-size ratio sum.
According to Bloomberg reports the sale was for a $55.3m (AED203.1m) five-bedroom residence in the as-yet to begin construction development.
Record sale in Dubai’s Baccarat Residence
This ultra-luxury branded residence overlooks the iconic Burj Khalifa and includes 49 apartments, with two to five bedrooms, situated across 24 floors.
The Baccarat Residences are owned by Shamal, which will collaborate closely with H&H Development on the project.
George Azar, Chairman and CEO of Luxhabitat Sotheby’s International Realty, said: “We have seen a major uplift in the branded residences component and the demand in prime areas combined with the demand for a premium brand is not based on the market rules.
“At Luxhabitat Sotheby’s International Realty, we have done our pricing matrix based on selling branded residences across the globe and we have unmatched experience on how to find the right buyers on our global database.
“Three of the buyers for the Exclusive Baccarat Residences in Downtown Dubai are already owners of Baccarat residences in New York and Miami showing that the product is suited for avid collectors.”
Founded by King Louis XV, Baccarat is a legendary French crystal company whose artisans have mastered their craft for over 250 years. The Baccarat name has long been synonymous with royalty, kings and queens, sultans and tsars, moguls and modern-day stars.
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